STEC Records 99% Decrease in 2Q21 Earnings over the Loss from Litigation

STEC's 2Q21 earnings dropped to only 1.42 million baht due to lower revenue and the loss from litigation at the amount of 124 million baht.

Sino-Thai Engineering and Construction Public Company Limited (STEC) announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

STEC reported a net profit of 1.42 million baht in 2Q21, decreased 99% from a net profit of 180 million baht in 2Q20.

The company had total revenues for the second quarter of 2021 at the amount of 7,167.17 million baht, representing a decrease by 21.23% YoY. The decrease in total revenues resulted from the impact of the latest wave of coronavirus disease 2019 pandemic which became more severe than the prior year.

STEC had total expenses for the second quarter of 2021 at the amount of 7,169.80 million baht, decreased by 19.68%.

On July 13, 2021, the Supreme Court ordered STEC to pay a subcontractor (plaintiff). The company recorded the amount as loss from litigation, amounting to 124 million baht in the income statement for the three-month and six-month periods ended 30 June 2021.

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